Do More Than Follow the Money

Spend Matters welcomes this guest post from Matthew Holzapfel, product marketer at Tamr. Procurement organizations are looking to deliver value beyond traditional “spent analysis” and newer forms of analytics that can help generate the intelligence to discover this untapped value. The intelligence lies in the correlations and implications that aren’t evident if we stick to siloed analytics run by siloed functions using siloed data. In the case of spend analysis, forensically analyzing “inside-out” data such as POs and invoices will only reveal so much. Conversely, adding “outside-in” contextual information (like commodity markets, currency markets, inventory levels, sales volumes, supply chain performance, historical data and comparable spend from other areas) adds understanding to insights. It’s one thing to know historical copper prices you paid. It’s another to understand what’s happening in…